The Co-operative Food, part of The Co-operative Group, has acquired Scottish convenience retailer, David Sands Ltd, for an undisclosed sum.
Date:
Wed, 11 Jan 2012
Source:
The Co-operative
The Co-operative’s purchase of the 28 David Sands food outlets, located in Fife, Kinross and Perthshire, is the latest step in its ambitious plans to expand its 2,800-strong UK food store network by more than 300 over the next three years, employing up to 7,000 staff.
Over the last two months, eight new Co-operative food stores have been opened in Scotland.
The two businesses have exchanged contracts and the sale is expected to be completed in the next couple of months, subject to a review by the Office of Fair Trading.
Almost 700 David Sands staff will join The Co-operative Group as part of the acquisition of the family-run business, which was founded in 1812.
The Co-operative Group is the UK’s largest mutual business, owned not by shareholders but by more than six million consumers. The Co-operative Food currently has 370 food stores in Scotland, serviced from a state-of-the-art composite distribution centre which opened in Newhouse, near Glasgow, in 2011.
It is the fourth largest food retailer in Scotland with an annual turnover of over £1 billion.
John McNeill, The Co-operative Food’s operations director for Scotland, said: "This major acquisition is another important step in our plans to expand our estate and we look forward to working with the new team from David Sands.
"Furthermore, this deal will significantly strengthen our position in Scotland, especially in Fife, Kinross and Perthshire, and complement our existing store estate, which operates from the Highlands and Islands to the Borders.
"These stores will be a valuable addition to our food portfolio as we forge ahead with our programme to grow the business by seeking new opportunities at the heart of local communities right across the UK."
David Sands, chief executive, David Sands Ltd, added: "The Sands family would like to take this opportunity to thank our many great staff, suppliers and customers for their continued support.
"We believe that the acquisition of our business by The Co-operative Food in Scotland, another responsible retailer, offers a fantastic opportunity for continued investment in our stores and our people, and a continued commitment to Scottish local communities, local produce and local suppliers.
"There are many similarities and synergies between David Sands Ltd and The Co-operative – we share many of the same values including our commitment to supporting local suppliers – and I have every confidence they will continue to invest in, grow and develop our stores and our people in the future."
More information:
The Co-operative.
David Sands Ltd.
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